The Amber Group trading platform today announced its Series C round, raising $300 million in investment, backed by Sequoia and Temasek, a Singapore government-linked fund.
Like countless others, the Hong Kong-based platform was hit by FTX, then the second largest exchange in the world, which collapsed in November.
Amber Group reported that it has put about 10% of its resources into FTX.
The company, which acts as a market maker, is also said to be reviewing sponsorship contracts, such as an agreement with Chelsea FC, as well as laying off around 300 employees in a bid to cut costs.
At its latest valuation, Series B, the company reached a market capitalization of US$3 billion. Bloomberg claims that in the current round, the company’s value has fallen sharply.
In its disclosures, the company claims to have handled about $1 trillion in cryptocurrency as of February of this year, with about $5 billion in assets under management.